PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩300 per share · Prices as of the 2026-10-02 close
Samyoung Electronics has improved its operating margin even as revenue has declined for four consecutive years, while a 2026 first-half earnings recovery coincides with activist investor demands for governance and capital-allocation reform.
Consolidated revenue fell from KRW 227.8 billion in 2022 to KRW 149.7 billion in 2025, while operating margin improved from 3.6% in 2023 to 6.2% in 2025.
A one-off loss in Q4 2025 sharply reduced net income attributable to owners, but revenue, operating profit, and net income all recovered sequentially in Q1-Q2 2026.
Samyoung Electronics, Abco Electronics, and Nippon Chemi-Con are pursuing a joint merged entity for comprehensive electronic component sales, though the planned investment amount and timeline were later scaled down.
Cha Partners Asset Management filed shareholder proposals demanding an auditor appointment and share buybacks, citing concerns over board independence and capital-allocation efficiency.
The company maintains a net-cash-centered balance sheet and has voluntarily disclosed a corporate value-up plan.
Samyoung Electronics Co., Ltd., founded in 1968, is a specialized capacitor maker that produces and sells aluminum electrolytic capacitors, solid capacitors, and hybrid capacitors.
Through its Seongnam and Pyeongtaek plants in Korea and a production subsidiary in China, it addresses growing demand from information and communication devices, robots, drones, and IoT industries.
Overseas, it holds Qingdao Samyoung Electronics Co., Ltd., which manufactures aluminum electrolytic capacitors, and Samyoung Hong Kong Ltd., which handles sales in southern China, as subsidiaries.
Its largest shareholder is Nippon Chemi-Con (NCC), a Japanese listed company, and technology transferred from NCC underpins localization of hybrid capacitors as well as development of electrolytic capacitors for automotive electronics, semiconductors, and network applications, alongside production equipment for EV charging systems.
The domestic electrolytic capacitor market is a fully competitive one, with Samyoung competing against Samhwa Capacitor and others while facing a steady inflow of low-priced products from Taiwan, Southeast Asia, and China.
Its main customers are home appliance and IT set makers, and demand for server-grade capacitors from customers such as SK hynix has recently increased.
The business is split into capacitor products and raw-material sales, and the company is working to expand the share of higher value-added applications such as automotive electronics, AI servers, and renewable energy.
Samyoung is also pursuing the establishment of a merged entity with Abco Electronics and Nippon Chemi-Con to sell a broader range of electronic components, seeking to expand its business scope.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩39.5B | ₩4.3B | 10.8% |
| 2025Q3 | ₩35.4B | ₩1.1B | 3.0% |
| 2025Q4 | ₩34.5B | ₩600M | 1.7% |
| 2026Q1 | ₩39.2B | ₩2.1B | 5.5% |
| 2026Q2 | ₩41.7B | ₩3.1B | 7.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩227.8B | ₩16.3B | ₩18.2B | 7.1% | 3.5% | 3.4% |
| 2023 | ₩177.3B | ₩6.5B | ₩13.8B | 3.6% | 2.6% | 2.7% |
| 2024 | ₩163B | ₩7.3B | ₩11.1B | 4.5% | 2.1% | 4.9% |
| 2025 | ₩149.7B | ₩9.2B | ₩5.1B | 6.2% | 0.9% | 4.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Samyoung Electronics' consolidated revenue declined for four consecutive years, from KRW 227.8 billion in 2022 to KRW 177.3 billion in 2023, KRW 163.0 billion in 2024, and KRW 149.7 billion in 2025.
Operating margin, however, fell from 7.1% in 2022 to 3.6% in 2023 before recovering to 4.5% in 2024 and 6.2% in 2025, suggesting cost-structure efficiency improved even as revenue shrank.
Net income attributable to owners nonetheless dropped sharply, from KRW 18.2 billion in 2022 and KRW 13.8 billion in 2023 to KRW 11.1 billion in 2024 and just KRW 5.1 billion in 2025; a quarterly breakdown shows this was driven largely by a one-off item in Q4 2025, when the company posted an operating profit of KRW 0.59 billion but still swung to a net loss attributable to owners of KRW 7.36 billion.
Net income attributable to owners fell from KRW 5.23 billion in Q2 2025 to KRW 2.66 billion in Q3 2025, turned negative in Q4 2025, then recovered to KRW 3.49 billion in Q1 2026 and KRW 5.49 billion in Q2 2026.
Revenue likewise bottomed at KRW 35.4 billion in Q3 2025 and KRW 34.5 billion in Q4 2025 before rebounding to KRW 39.2 billion in Q1 2026 and KRW 41.7 billion in Q2 2026. Operating profit similarly shrank to KRW 0.59 billion in Q4 2025 before recovering to KRW 2.14 billion in Q1 2026 and KRW 3.11 billion in Q2 2026.
Annual operating cash flow rose from KRW 6.2 billion in 2022 to KRW 30.9 billion in 2023 and KRW 39.8 billion in 2024, before easing slightly to KRW 30.1 billion in 2025, remaining larger than reported net income throughout.
Overall, while revenue scale contracted, operating-level profitability improved, though net income showed heightened quarter-to-quarter volatility during the year.
In end-markets, revenue continues to contract as growing server-grade electrolytic capacitor supply to SK hynix is offset by weakness in the home appliance industry and falling product prices.
In Q1 2026, global economic deceleration and delayed IT demand recovery limited growth in general-purpose products, while pricing competition in capacitors and raw-material and foreign-exchange volatility raised manufacturing cost burdens and pressured earnings.
On the competitive front, Samyoung competes domestically mainly with Samhwa Capacitor, and price competition has intensified amid a steady inflow of low-priced products from Southeast Asia and China.
Even so, some assessments note that medium- to long-term growth continues, centered on automotive electronics, AI servers, data centers, and renewable energy, with rising demand for higher value-added product lines.
The company itself continues product development targeting autonomous driving, 5G-driven demand, localization of hybrid capacitors, and expansion into AI server and EV markets.
Nonetheless, because aluminum electrolytic capacitors remain a mature industry exposed to low-cost supply pressure from Taiwan, Southeast Asia, and China, structural price competition is likely to persist as a constant.
Compared with competitor Samhwa Capacitor, which has recently seen a separate re-rating driven by expansion into AI data-center-related, higher value-added products, Samyoung's shift in business positioning appears to still be at an early stage.
The company is pursuing the establishment of a merged entity co-invested by Samyoung Electronics, Abco Electronics, and Nippon Chemi-Con, aiming for growth into a comprehensive electronic components company and revenue expansion.
This merged entity is targeted to sell a comprehensive range of electronic components including aluminum electrolytic capacitors, MLCCs, varistors, electric double-layer capacitors, and inductors, aiming to expand entry into automotive electronics, semiconductor, and AI markets, with a stated goal of roughly KRW 35 billion in revenue by 2028, a Vietnam inductor manufacturing plant, and expanded sales channels in Southeast Asia and elsewhere.
However, a revised disclosure in March 2026 moved the plan's end date up from December 31, 2026 to May 28, 2026, and cut the expected investment amount from KRW 3.4 billion to KRW 1.88 billion, meaning the actual scale and pace of the plan have been adjusted more conservatively than originally proposed.
The company has also disclosed a value-up plan on a voluntary basis, and qualifies as a "high-dividend company" under the Special Tax Treatment Control Act, having recently paid dividends of KRW 5.7 billion at a payout ratio of 111%, making the continuity of its shareholder return policy a key point to watch.
On the product side, expansion of higher value-added lineups targeting automotive electronics, AI servers, data centers, and renewable energy continues. The company has not formally provided quantitative revenue or profit guidance, so confirmation through future quarterly disclosures will be necessary.
Samyoung Electronics maintains a stable, net-cash-centered balance sheet, and some market observers note that its shares trade at a considerable discount to net asset value.
One report indeed assessed that the company's market capitalization was below its asset base and that its price-to-book ratio stood at a marked discount to asset value. This discount has also been part of the backdrop for activist shareholders demanding additional returns such as share buybacks.
On the earnings side, net income fell sharply in 2025 before shifting toward recovery in the first half of 2026, meaning valuation metrics may move in tandem with this trend.
Dividend policy has, in past years, exceeded net income in payout, so the continuity of the payout ratio going forward, together with execution of the merger and value-up plans, are the key variables to watch for any re-rating.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
While revenue has fallen every year since 2022, operating margin rose again from 3.6% in 2023 to 6.2% in 2025, and quarterly operating profit increased sequentially through Q1-Q2 2026. This suggests cost and expense management has been progressing faster than the pace of revenue decline.
If the share of higher value-added applications such as server-grade capacitors continues to grow, the durability of margin improvement could increase further.
The company has kept a virtually debt-free structure with a debt ratio of only around 5%, and its recent-year dividend payout ratio exceeded net income.
Activist investors such as Cha Partners Asset Management have publicly demanded share buybacks and governance improvements, leaving open the possibility of additional shareholder-return measures. The company has also disclosed a voluntary corporate value-up plan.
Samyoung is pursuing, together with Abco Electronics and Nippon Chemi-Con, a merged entity that would cover MLCCs, inductors, and varistors in addition to capacitors.
The stated 2028 revenue target, a Vietnam production base, and expanded Southeast Asia sales channels could serve as a springboard for greater entry into automotive electronics, semiconductor, and AI markets. However, the actual scale and pace of execution will need to be reconfirmed through future disclosures.
Consolidated revenue declined for four consecutive years, from KRW 227.8 billion in 2022 to KRW 149.7 billion in 2025. Weak demand from key end-markets such as home appliances and price competition from low-cost imports are cited as structural factors. Growth in server-grade demand alone has not yet been sufficient to offset the revenue decline.
In Q4 2025, net income attributable to owners turned negative despite a positive operating profit, reflecting greater volatility from one-off items. Annual net income attributable to owners also fell by more than half, from KRW 11.1 billion in 2024 to KRW 5.1 billion in 2025. Such quarterly swings reduce the visibility of future earnings.
Cha Partners Asset Management filed shareholder proposals raising concerns about board independence and the decision-making structure between the largest shareholder, Nippon Chemi-Con, and management.
The merger plan itself has already seen its initially proposed investment amount and end date scaled back and shortened via a revised disclosure, leaving uncertainty about the actual scale and pace of execution. If governance issues persist, they could lead to delays in management decision-making.
The domestic electrolytic capacitor market is highly competitive, with Samyoung facing rivals such as Samhwa Capacitor and a continuous inflow of low-priced products from Taiwan, Southeast Asia, and China.
If demand recovery in key end-markets such as home appliances is delayed, the revenue contraction trend could persist. Intensifying price competition constrains further improvement in operating margin.
Raw material supply imbalances and foreign exchange volatility have been cited as factors increasing manufacturing cost burdens. Cost pressure from raw material and currency swings was also a contributing factor behind the Q1 2026 earnings slowdown.
As the company operates an overseas production subsidiary in China, it remains continuously exposed to currency fluctuations.
Governance issues are ongoing, including friction over the decision-making structure between largest shareholder Nippon Chemi-Con and actual management, as well as shareholder proposals from activist investors.
Because the merger plan's investment amount and timeline have already been scaled back and adjusted once, further changes cannot be ruled out. The outcome of these events could directly affect the pace of shareholder returns and business expansion.
This is the expected disclosure timing for the Q3 2026 report, when it will be important to check whether the revenue and operating profit recovery seen in Q1-Q2 2026 continued into Q3.
Investors should monitor actual progress on the Samyoung Electronics-Abco Electronics-Nippon Chemi-Con merged entity (KRW 1.88 billion investment, 2028 revenue target of about KRW 35 billion) and watch for any further revised disclosures.
It will be worth confirming any follow-up action on Cha Partners Asset Management's demands for share buybacks and auditor appointment, additional shareholder proposals, and disclosures on the progress of the value-up plan.
Confirmed Q4 and full-year 2026 results, along with disclosures on dividend policy (payout ratio and dividend size), should be reviewed to reassess the continuity of the shareholder-return stance.
Samyoung Electronics presents a dual picture: revenue centered on its core capacitor business has fallen for four straight years, while operating margin has improved.
Net income attributable to owners fell sharply in 2025 due to a one-off Q4 loss, but revenue, operating profit, and net income all recovered sequentially in the first half of 2026.
Backed by a stable, net-cash balance sheet, the company has released a voluntarily disclosed value-up plan and is pursuing a merged entity with Abco Electronics and Nippon Chemi-Con to expand into a comprehensive electronic components business.
However, this plan has already had its investment amount and timeline scaled back once, leaving uncertainty about execution speed.
At the same time, activist investors including Cha Partners Asset Management are raising concerns about board independence and capital-allocation efficiency, demanding additional shareholder returns such as share buybacks.
The situation appears to combine structural pressures from price competition in the core capacitor business and weak home-appliance demand with change factors such as growing automotive-electronics and AI-server demand and calls for governance improvement.
The durability of the earnings recovery and the execution of the merger and value-up plans remain the key points to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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